BAKU, Azerbaijan, Nov. 3
By Klavdiya Romakayeva - Trend:
The International Finance Corporation (IFC) plans to invest $10 million in Georgian TBC (Tbilisi Business Center) Bank in Uzbekistan, Trend reports referring to the IFC.
The decision has not yet been taken and may be changed.
In exchange for the investment, the organization expects to receive a minority stake of 20 percent. Currently, IFC owns 2.8 percent of TBC Bank Group.
IFC plans to invest its own capital to help TBC Uzbekistan create a modern, efficient and profitable private bank in a country where there has been little private investment in the banking sector for the past three years.
In addition, IFC will mitigate non-commercial risks by providing an opportunity to invest in a country undergoing a major economic transformation.
“If TBC Uzbekistan is successful, it will attract other private investors to the banking sector of Uzbekistan. In addition, strong operating performance targeting modern branches and digital channels is expected to push traditional banks to innovate and improve efficiency,” IFC explained.
The most significant investment outcome will be increased access to finance for underserved segments of the economy, namely mortgage borrowers and other retail borrowers, who will form the TBC Uzbekistan loan portfolio.
Earlier it was reported that TBC Bank opened two points in Uzbekistan’s Tashkent in test mode.
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